About the Mortgage Loan Process
There is little question ; getting a mortgage is a complicated process. You would not be researching mortgage loans if it were possible to get a mortgage loan in one day with a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a home loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: complete a pre-qualification
This is where Hill Valley Financial Services Inc. can start to save you money. You will supply details about your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your closing date. Since you don't have to coordinate this process, you can concentrate on moving logistics, paint colors, carpet, and the details involved in getting a new house.
You've answered some few questions, provided detailed information, applied , and the next thing you know, you are deciding when to move in! We take care of the legwork so you can focus on finding your new home.
Have questions about the loan process? Call Hill Valley Financial Services Inc. at 503-657-3311. Hill Valley Financial Services Inc. answers loan process questions every day.